Lebanon’s hopes of carrying out a restructuring of its debts, as part of a wider economic overhaul, have receded since the end of February due to the conflict in the Middle East. Lebanon defaulted on its US$29bn of Eurobonds in early 2020, but following the appointment of technocratic prime minister Nawaf Salam started talks last year between bondholders, Lebanon’s banks, Banque du Liban and the government about how to apportion losses between those parties.